According to the Central Bank, this expansion of the economy came from growth in personal services, mining, transportation, manufacturing and trade.
The Central Bank of Chile shared the National Accounts for the third quarter of 2024. The report indicates that the Gross Domestic Product (GDP) grew by 2.3% annually in the aforementioned period.
In the second quarter, the increase was 1.6% annually.
According to the issuing body, this expansion of the economy came hand in hand with growth in personal services activities, mining, transportation, manufacturing and trade.
"The quarter had one less working day than the same period in 2023, recording a calendar effect of -0.2 percentage points (…) Adjusted for seasonality, economic activity registered an acceleration of 0.7% compared to the previous quarter," they added.
Domestic demand, for its part, varied by 0.5%, due to higher consumption.
GDP is growing again and demand is advancing slightly
"From the expenditure perspective, GDP growth was supported by exports and, to a lesser extent, by domestic demand, which reflected increased government and household consumption," the Central Bank said.
Regarding household consumption, this grew by 1.0%, led by spending on non-durable goods and services, while government consumption was driven by increased education services.
Regarding the former, consumption of pharmaceutical products and clothing stood out, while transportation and health services came in second place.
“Gross capital formation fell by 3.8%, reflecting a lower change in inventories, which reached a cumulative ratio of -0.8% of GDP over twelve months. Gross fixed capital formation (GFCF) also fell, registering a change of -0.2%,” the issuing body states, detailing that this last result was the result of the fall in construction, but partially offset by higher investments in machinery and equipment.
Foreign trade
In the third quarter, exports and imports grew, favoring the Gross Domestic Product.
Shipments of goods and services expanded by 6.4%, especially copper goods.
In turn, imports of goods and services rose by 1.5%, “reflecting higher imports of crude oil, clothing and food. In contrast, imports of machinery and equipment fell. Imports of services, meanwhile, fell, mainly due to lower business services.”
